loan•ol•o•gy (mortgage blog)

Noun

  1. The study and explanation of mortgage rates, terms, programs and approval requirements
  2. An attempt at a clever name for our blog


What should I consider when looking for a Jumbo lender?


While mortgage rates are important, you should consider many factors when choosing a Jumbo Lender. More so than rates, find a lender with a loan structure that will suit your financial goals.
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I’m a new physician, and my income will increase soon. When do I qualify for a Jumbo Loan?


United Home Loans does make debt-to-income exceptions for physicians, but we still have to evaluate student loan and other debt. For information on physician mortgage requirements, contact a Jumbo Genius here or call 708-531-8388.
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Is the appraisal process different for Jumbo Loans?


The appraisal process is the same, unless the loan value is over $1.5 million. In that case, the home typically requires two appraisals. At United Home Loans, we use local appraisers who are familiar with high-end real estate, so you never have to worry about an inexperienced appraiser. To learn more about our appraisal process, contact a Jumbo Genius here or call 708-531-8388.
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Can we qualify for a Jumbo Loan without a long work history?


My spouse just reentered the workforce. Can we qualify for a Jumbo Loan without a long work history?
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How many days does it take to close on a Jumbo Loan?


United Home Loans can get your Jumbo mortgage approved, processed, and closed in three weeks. Contact a Jumbo Genius here or at 708-531-8388 to get started.
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I need a Jumbo Loan and currently have a home for sale. Can I qualify before my home sells?


Yes, assuming your income can handle the mortgage obligation and housing expense on both residences. United Home Loans is an expert at navigating through the sales contingency and bridge loan process. For advice specific to your situation, contact a Jumbo Genius here or call 708-531-8388.
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Can I take a Jumbo Loan out on an investment property?


Yes, Jumbo Loans are available on primary, secondary, and investment properties. For a custom quote, contact a Jumbo Genius here or call 708-531-8388.
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Is PMI always required on a Jumbo Loan with less than 20% down?


Yes, but the PMI insurance can be paid by the lender and absorbed into higher interest rate. This can be a benefit depending on your financial situation and overall payment goals. United Home Loans can help you determine the best way to finance PMI, but either way, you’re paying the premium if you have a down payment of less than 20%. For a custom quote, contact a Jumbo Genius here or call 708-531-8388.
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When does the Jumbo Loan amount kick-in?


In Illinois, a mortgage is considered Jumbo when it exceeds $424,100 for a one unit property. This amount varies in each state, click here for the Jumbo Loan minimums in the states United Home Loans is licensed. For a custom quote, contact a Jumbo Genius here or call 708-531-8388. 
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Can you recast a Jumbo Loan?


Some Jumbo Loans allow recast, others do not. A recast occurs when you pay-off a lump sum of your mortgage principal amount and have your payments recalculated according to the original interest rate and terms. United Home Loans can help you secure a Jumbo Loan that can be recast, but please inform us of your recast desire upfront to avoid delays during the mortgage process. For information, contact a Jumbo Genius here or call 708-531-8388.
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Are interest rates higher on Jumbo Loans?


That was true in the past, but not anymore. Recently, Jumbo Loan rates started matching conforming loans, and in some cases, are even lower than traditional conventional mortgage loans. Check the latest Jumbo Loan rates here or contact a Jumbo Genius for a custom quote. 
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United Home Loans Celebrates 15 Years


United Home Loans recently celebrated 15 years of superior mortgage advice. Thank you to our team for bringing their best each and every day.
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